Research library

Source: http://online.hazlewoods.co.uk/linkapp/cmaview.aspx?LinkID=pageid100420831zftrq~nhzrqqtq~xj9zt~qqz9hq~z~x~f~f~n

March 2020

Government support

With a lot of support available from the Government, and hopefully more to come, we are here to discuss options with you and help you choose the best route for you and your business.

Job Retention Scheme: All UK businesses are eligible for the Coronavirus Job Retention Scheme, which will part pay employee wages who may have needed to be laid off due to financial pressures. HMRC will cover 80% of the worker’s wage cost, up to £2,500 per month. We are awaiting further guidance from the Government regarding the scheme, but as soon as we hear more, we will update you as we know this will be needed for the majority of businesses. Read more here.

Self-employed: The Government has announced a delay in upcoming income tax payments until January 2021 and universal credit is now accessible by all self-employed individuals required to self-isolate, which will be provided at the same rate of statutory sick pay available for employees. We hope further announcements for the self-employed will come out imminently. If you need advice on company structures or cashflow then please get in touch. Read more here.

Expected update for self-employed workers: The Government is responding to the requests for similar assistance for the self-employed as they have offered to the employed workforce. There are draft bills in place, and we will confirm more once these have been agreed. Read more here.

Business rates and cash grants to small businesses: The main announcement in Budget 2020 on business rates was one of the measures to help small businesses trying to cope with the effect of coronavirus. This was the abolition of the charge for one year for all shops, restaurants, cinemas and music venues with rateable values below £51,000. Read more here.

Funding and loans: Small- or medium-sized businesses struggling with the impact of COVID-19 may also benefit from a new temporary coronavirus business interruption loan scheme (CBILS). Whereas, larger businesses may benefit from the COVID-19 corporate financing facility (CCFF). Read more here.

VAT: The next quarterly VAT payments have been deferred by the Chancellor such that no VAT will be due between now and the end of June. Instead, businesses will have until April 2021 to settle this deferred liability. It has been confirmed that direct debits will need to be cancelled by the VAT registered entity. Read more here.

Tax: If you have any concerns about paying tax due to the impact of COVID-19, or have outstanding tax liabilities, contact HMRC. A helpline has been set up specifically to address these situations and measures can be put in place to help you, such as agreeing instalments, or putting a halt to debt collection proceedings. Call HMRC on 0800 0159 559 to discuss your options, or read more about how they may be able to help you here.

Ban on commercial evictions for tenants: The Government announced an extra protection for businesses on Monday 23 March with a ban on evictions for all commercial tenants who miss rent payments due to coronavirus. Read more here.

Concerned about the viability of your business?
In this uncertain time, you may have concerns about continuing your business, however alongside Government support and actively managing cashflow there are ways forward in the interim. We have an expert insolvency team that can assist with advice, if that is a route you would like to explore, but please do discuss with us and we can support you in looking at all the options available. Click here to read more.

What can I do to keep my business moving?

• Cloud accounting: working from home whilst running your business
• Management information: using a forecast model for scenario planning
• R&D tax incentives: more companies are eligible than you may think
• How do I complete my statutory audit?

What do I need to know for employees/contractors?

• Off-payroll working rules delay
• Statutory sick pay for those affected by COVID-19

Contacting us

We remain working and committed to delivering the services you need from us during the current COVID-19 outbreak.

• If you have face to face meetings planned with us then these should now be conducted remotely, via Webex, telephone etc. 
• Our offices are now closed; we do have processes in place to open post, however, any documents should be sent to us electronically where possible. 
• We have remote working arrangements in place with phones operating using the normal contact numbers. 
• To contact us online then please visit our website.

Please use the link below to visit our dedicated webpage with all the information you need.

This page will be updated daily, so check back for any new information.

If you have any questions relating to any of our information, please get in touch with your usual Hazlewoods contact.